The Oireachtas Banking Inquiry officially begins its public hearings this morning.

Finnish banking expert Peter Nyberg, and former Canadian civil servant Rob Wright, will be the first public witnesses.

Nyberg wrote a 2011 report which found the banks’ willingness to offer loans for high-risk commercial property was a central factor in the crisis. Wright is author of a report on the way the Department of Finance was run.

Last night the inquiry was dealt a blow with the news that the European Central Bank will not come to Dublin for any hearings.

But the inquiry's chairman Ciaran Lynch says the committee is determined to deliver its results within the next year:

The hearings will initially focus on the background to the financial crisis before turning to the crisis itself next year.

As a result of legal advice, the inquiry is restricted from blaming anyone or making any findings of fact against any individual but members have promised robust questioning.

Yesterday, Michael McGrath, who is a member of the banking inquiry, said it won't produce any 'earthshattering conclusions'.

Meanwhile, the Chair of the Banking Inquiry, Ciaran Lynch, says its timetable is realistic and that he's determined to see that work completed.